HI5001 MID TERM
ACCOUNTING FOR BUSINESS DECISIONS
FINAL ASSESSMENT
TRIMESTER 2, 2022
TIME ALLOWED: 24 hours
Assessment Weight: 50 whole marks
Directions:
• All questions have to be answered by utilizing the reply packing containers offered on this paper.
• Accomplished solutions have to be submitted to Blackboard by the printed due date and time.
Please make sure you observe the submission directions on the finish of this paper.
Goal:
This Assessment consists of six (6) questions and is designed to evaluate your stage of data of the important thing subjects lined on this unit.
Question Assignment 1 (11 marks)
Paul Consulting is attempting to arrange its financial institution reconciliation assertion. For this objective, the next information is on the market:
1. The balances as per two books as at 30 September 2022 are as follows:
Financial institution Assertion Steadiness $28 507 (Credit score)
Money at Financial institution Account Steadiness $27 271 (Debit)
2. The receipts of $1 092 haven’t been deposited.
three. The given information reveals that the cheques of $2 081 have been issued however not introduced.
four. A deposit from one other buyer for $450 was incorrectly credited into the checking account of Paul Consulting.
5. A cheque for the quantity of $188 was returned marked “dishonoured”.
6. Financial institution costs of $15 appeared within the financial institution assertion.
Required: Put together a financial institution reconciliation for Paul Consulting at 30 September 2022.
ANSWER: ** Reply field will enlarge as you sort
Question Assignment 2 (11 marks)
The next data pertains to the enterprise of David & Sons Firm. The monetary 12 months of the corporate ends at 30 June 2022.
Opening stability of Account Receivables $22 200
Opening stability of the Allowances for Uncertain Money owed 2 820
Closing Steadiness of Account Receivables 28 860
Web credit score gross sales through the 12 months 78 000
Throughout the 12 months, $2 160 of account receivables have been written off as dangerous money owed. David & Sons Firm makes use of the web credit score gross sales methodology to estimate uncertain money owed. It’s estimated that three per cent of the web credit score gross sales will turn into uncollectable. Ignore GST.
Required:
a) Put together the next accounts (T-account) on the finish of 2022 (7 marks)
a. Account Receivables
b. Allowances for Uncertain Money owed
ANSWER a):
b) Present how the above data seems within the Revenue Assertion and the Steadiness Sheet of the corporate on the finish of the monetary 12 months (four marks)
ANSWER b):
Question Assignment three (9 marks)
CCL Firm makes use of a periodic stock system to handle their stock. The opening stock purchases and shutting stock of CLL Firm are given in Desk 2 under.
Desk 2. Purchases and Inventories of CLL Firm
Date Element Items Price per unit
1 September 2022 Stock four,000 $9
three September 2022 Buy three,500 $10
15 September 2022 Buy 6,000 $10
20 September 2022 Buy 7,500 $11
30 September 2022 Stock 9,000
Required:
Primarily based on the above information, calculate every of the next:
a) Price of Gross sales underneath the fee movement assumption of FIFO (three marks)
ANSWER a):
b) Price of Closing Stock underneath the fee movement assumption of FIFO (2 marks)
ANSWER b):
c) Price of Gross sales underneath the fee movement assumption of Weighted Common (2 marks)
ANSWER c):
d) Price of Closing Stock underneath the fee movement assumption of Weighted Common (2 marks)
ANSWER d):
Question Assignment four (7 marks)
The desk under presents the info associated to the acquisition of a machine by Burleigh Waters Restricted.
Desk three. Buy of Machine by Burleigh Waters Restricted
$
The bill worth of the machine 285 714
Freight value four 857
Set up costs 6 571
value of transit insurance coverage three 714
Testing of equipment earlier than use 1 429
Notice. This machine was bought on 1 July 2011. The 12 months ends on 30 June.
The corporate determined to make use of the straight-line methodology of depreciation since it’s anticipated that the sample of financial advantages movement in the direction of the entity stays fixed throughout this machine’s helpful lifetime of ten years. Additional, it’s anticipated that the residual worth of this machine shall be This machine was bought on July 1, 2011. The 12 months involves an finish on June 30th.
The corporate selected the straight-line methodology of depreciation as a result of it’s anticipated that the sample of financial advantages flowing to the entity will stay fixed over the ten-year helpful lifetime of this machine. Moreover, the residual worth of this machine is predicted to be
$2 857. Ignore GST.
Required:
a) What’s the accounting therapy of the price of transit insurance coverage? Decide the price of the machine (three marks)
ANSWER a):
b) Calculate annual depreciation (2 marks)
ANSWER b):
c) Calculate the stability of collected depreciation on the finish of the seventh 12 months.
(2 marks)
ANSWER c):
Question Assignment 5 (7 marks)
The desk under presents the present 12 months’s chosen accounts from ZZZ Restricted at 30 June 2022.
Desk 1. Chosen Accounts from ZZZ Restricted
Debit Credit score
Workplace Tools 24 000
Provides 2 200
Pay as you go Insurance coverage four 800
Salaries Expense 119 200
Rental Charges Income 52 800
Unearned Rental Charges 16 800
Notice. This desk is ready earlier than any adjusting entries are made.
The extra data is given under:
i. The Workplace provides of $800 have been out there to be used on 30 June 2022 (1 Mark)
ii. ZZZ Restricted collected 4 months’ hire prematurely from a number of tenants on 1 June 2022.
(1 Mark)
iii. The accrued salaries of $14 000 weren’t recorded as at 30 June 2022. 1 Mark].
iv. The above-mentioned pay as you go insurance coverage represents the premium paid on 1 June 2022 for one 12 months. (2 Marks)
v. The workplace gear was bought on 1 April, and it’s anticipated that this workplace gear will final for 5 years. (2 Marks)
Required: File needed adjusting entries within the normal journal on 30 June 2022.
ANSWER:
Question Assignment 6 (5 marks)
A number of processes are concerned within the fulfilment (order to money) course of. You’ve carried out these processes within the SAP ERP Assessment 2. Briefly clarify these processes. Is there any theoretical linkage between the fulfilment course of and the procurement course of? Lastly, what challenges did you face in finishing SAP ERP Assessment 2?
Most phrases: 300
ANSWER:
END OF FINAL ASSESSMENT
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